Item 7.01. | Regulation FD Disclosure. |
On April 3, 2020, Strategic Student & Senior Housing Trust, Inc. (the “Company”) issued a letter to its stockholders regarding the novel coronavirus(COVID-19) pandemic and the resulting suspension of (i) the Company’s share redemption program (the “SRP”), (ii) distributions on shares of its common stock, and (iii) the primary portion of the Company’s public offering. A copy of the letter to stockholders is attached as Exhibit 99.1 to this Current Report on Form8-K.
Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein is deemed to have been furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934.
Suspension of SRP
In order to preserve cash in light of the uncertainty relating toCOVID-19 and its potential impact on the Company’s overall financial results, the Company will not be able to honor redemption requests made for the quarter ending March 31, 2020. Also, on March 30, 2020, the Company’s board of directors (the “Board”) approved the suspension of the SRP.
Under the SRP, the Board may amend, suspend, or terminate the SRP with 30 days’ notice to the Company’s stockholders. This Current Report on Form8-K serves as such required notice and therefore the suspension of the SRP will be effective on May 3, 2020. All pending redemption requests will not be redeemed, nor will any additional requests received in future quarters be redeemed, until further notice. The SRP will remain suspended until such time as the Board may approve the resumption of the SRP.
Suspension ofDistributions
In order to retain cash and preserve financial flexibility in light of the impact thatCOVID-19 could have on the Company’s business and the uncertainty as to the ultimate severity, duration, and effects of the outbreak, the Board approved the suspension of all distributions to the Company’s stockholders.
Suspension of Public Offering
Finally, based upon various factors, including the uncertainty relating toCOVID-19 and its potential impact on the Company and its overall financial results, the Board approved the suspension of the primary portion of the Company’s public offering effective immediately.
Item 9.01. | Financial Statements and Exhibits. |